January 21, 2022

Pakistan decides to ban cryptocurrency

Cryptocurrency

Pakistan decides to ban cryptocurrency

KARACHI, Jan 12,2022- The SBP and the government of Pakistan have recommended a complete ban on cryptocurrency, hence cryptocurrency is illegal and trading in this currency cannot be allowed.

State Bank of Pakistan submitted this report  before the Sindh High Court on Wednesday.

SHC while hearing the digital currency case directed to send this report to Ministry of Finance and Ministry of Law to review its legal aspects.

A two-member bench headed by Justice Karim Khan Agha heard the case about cryptocurrency.

Sindh High Court said that Ministry of Finance and Ministry of Law to make final decision in three months.

Justice KK Agha observed that the court should also be informed about the constitutional status of the ban on cryptocurrency and added that a legal framework should be prepared in case of permission to trade in currency.

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The current status of cryptocurrency should be decided by the law enforcement agencies themselves, the court said and added that the relevant institutions should act in accordance with the law.

Petitioner Waqar Zaka pleaded with the court that cryptocurrencies be declared legal as a large number of Pakistanis were interested in them.

If bitcoin become as a legal currency, would it be good for you?